Sbinanalysis
SBI good SHORT candidateSBI spot cmp 465
Elliot wave study
Time frame :- Daily
Major impulse phase and minor impulse phase of major wave 5 have matured around this levels,, dual bearish divergence in RSI indicate the trend is about to mature,, reversal in trend possible around this levels,,
Keep watch can reverse by 10 to 15% from current levels
Good short candidate
SBIN Cup and Handle Pattern, Two Fib sequences merging, Long SBIN has been consolidating for past two months, and has formed a Cup and Handle pattern (take a look at the chart). Also it has been following a trendline, shown in the chart, currently trading near this trendline. Testing Fib level 1.618 of two distinct trends of past. Interestingly, the height of cup & handle pattern coincides with one of the Fib level (shown in the chart). Looks good for a long journey. Everything else is self explanatory, look at the chart.
All events are merging and I guess SBI is looking for a trigger to reach 550 target. Can the Q1 2021 result prove to be that trigger ? Technically, long trade is sound for target up to 550. Long above 446, Stop Loss 405.
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Technical analysis talk - SBIN, NMDC and MOTHERSUMINMDC: good risk-reward and on good supports and good breakout small one a big movement pending keep an eye
SBIN: might not give direct movement but still a good breakout as per the structure
MotherSUMI: Good structure keep an eye big rewards can be claimed :)
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SBI - Weekly BreakoutSBI had its wonderful breakout and also finished its retracement level in a weekly timely frame, so give an entry with appropriate Stop loss
Aggressive traders enter at the breakout and conservative traders may give entry after retracement
After reaching our targets, trail your stop loss to get maximum profit from the stock in a single trade
🔴DISCLAIMER
***** It's just for an educational purpose and so you must also follow your own technical analysis before taking up the trade ******